other Indiana community banks view $6.9 billion-asset Old National Bancorp as a threat.
That was evident this week when Muncie-based MFS Financial Inc. said it would make an initial public offering this year to raise $40 million to $60 million. The decision was fueled in part by Old National's plan to enter the Muncie market early next year by acquiring $748 million-asset ANB Corp.
"We're seeing these bigger players making moves," said R. Donn Roberts, president and chief executive officer of MFS, the holding company for $490 million-asset Mutual Federal Savings Bank. "It's our goal to remain a community bank serving the individuals and small businesses in our communities."
MFS, which opened its 13th branch in June, plans to use some of the IPO proceeds to add another two or three branches.
-- Craig Woker